Risk Classification

Relinquishment of rights in an insurance policy or pension plan. For example, by withdrawing contributions to a pension plan, an employee forfeits future retirement benefits under that plan. ...

Omissions from coverage found in products liability insurance. The policy does not provide coverage if the business manufactures a product that does not meet the level of performance as ...

Coverage for property damage caused by untimely discharge from an automatic sprinkler system. This coverage, available through an endorsement to the Standard Fire Policy, typically excludes ...

Undiscounted loss reserves that must be maintained by property and casualty insurance companies in an adequate amount to provide for the payment of the settlement value of the outstanding ...

Insurance policy that is commercial lines in orientation and is composed of two or more of the following coverages: commercial property, business crime, business automobile, boiler and ...

Single limit insurance program remaining in force for several years as compared with traditional insurance programs where there is a series of annual limits. The LUMP insurance program is ...

Branch of knowledge dealing with the mathematics of insurance, including probabilities. It is used in ensuring that risks are carefully evaluated, that adequate premiums are charged for ...

Type of livestock insurance that covers for cattle and sheep on the range from October 1 to May 1 in the Western states. Perils insured against are the weather, including freezing; most ...

Charging the insured an amount that is above the actual premium required for placing and maintaining the policy in force. ...